South Korea FSC demands tighter exchange safeguards after $6.3B Binance hack
CIE News ·
Based on reporting by CryptoSlate; not yet independently confirmed.
South Korea's Financial Services Commission told crypto exchanges to increase cold-storage custody and boost security following a $6.3 billion cyberattack on Binance.
South Korea's Financial Services Commission instructed domestic digital-asset platforms to raise the proportion of customer assets stored in cold wallets following an estimated $6.3 billion cyberattack on Binance, CryptoSlate reported. During meetings on Nov. 2 and Nov. 3, regulators demanded stricter transaction monitoring, extra response personnel, rapid reporting of abnormal access, and added financial reserves. The measures enforce existing rules requiring exchanges to secure at least 80% of customer assets in offline storage based on economic value, while also examining internal withdrawal signing procedures and administrative privileges.
Key facts
- $6.3B Binance cyberattack
- 80% cold-storage mandate
- South Korea FSC guidance
- Mandatory mutual-aid reserves
Read the original at CryptoSlate